DEBT COLLECTION IN CHINA
TCM China, established in Qingdao in 1997, has 35 branches in major city of China and hundreds of offices in smaller cities. TCM China has 2000 people on it payroll. TCM China is the first in its line in Mainland China who obtained the ISO9001 quality certificate issued by SGS. They are currently serving dozens of large banks and financial institutions for their collection needs of credit cards and loans.
Initially focused on company solvency reports, TCM China added consumer and commercial debt collection to its service many years ago.
In China, debt collection costs can be added as per creditor’s instructions unless there is a condition is the creditor-debtor agreement that stipulates otherwise.
TCM China offers various debt recovery related services like debtor skip tracing and on-site visit to debtors on the whole of the Chinese territory (320 times bigger than Belgium). To find a company, the company registration number is paramount. To find a person, TCM China can work with the name, address and date of birth but also with passport number or ID card number. Please note that Chinese citizens carry an ID card that looks pretty much like a Belgian one.
TCM China will propose court action as a last resort in case an amicable debt payment doesn’t materialize and they think there is a good chance to get a judgement within reasonable costs. Thereby the debtor’s apparent solvency is also considered before to start the action.
The costs of court action are based on the specific claim amount, and would usually include court costs, lawyer’s fee and other costs (including translation, notarization, and transportation, etc.). And courts can take over a year to reach a verdict.
The statute of limitation in China is 4 years for a dispute arising from a contract for the international sale of goods or a technology import or export contract. The clock starts ticking on the date the requiring party knew or should have known that its rights were harmed. For a dispute arising from any other type of contract, the time limit for bringing a suit or applying for arbitration shall be governed by the relevant law.
Mr. Jeff (Chunyang) Li is the founder, president and CEO of the Inter-Credit Group (ICG; parent of TCM China). Mr. Li is also a member of FCIB, an association of executives of Finance, Credit and International Business, as well as a member of the “Committee of the First China International Forum of Commercial Debt Collection”. Mr. Li was elected to join the board of directors of TCM group at the annual AGM meeting, in Beijing, in 2013.
More info on debt collection in China: newsletters TCM China.
DEBT COLLECTION IN CHINA
TCM China, established in Qingdao in 1997, has 35 branches in major city of China and hundreds of offices in smaller cities. TCM China has 2000 people on it payroll. TCM China is the first in its line in Mainland China who obtained the ISO9001 quality certificate issued by SGS. They are currently serving dozens of large banks and financial institutions for their collection needs of credit cards and loans.
Initially focused on company solvency reports, TCM China added consumer and commercial debt collection to its service many years ago.
In China, debt collection costs can be added as per creditor’s instructions unless there is a condition is the creditor-debtor agreement that stipulates otherwise.
TCM China offers various debt recovery related services like debtor skip tracing and on-site visit to debtors on the whole of the Chinese territory (320 times bigger than Belgium). To find a company, the company registration number is paramount. To find a person, TCM China can work with the name, address and date of birth but also with passport number or ID card number. Please note that Chinese citizens carry an ID card that looks pretty much like a Belgian one.
TCM China will propose court action as a last resort in case an amicable debt payment doesn’t materialize and they think there is a good chance to get a judgement within reasonable costs. Thereby the debtor’s apparent solvency is also considered before to start the action.
The costs of court action are based on the specific claim amount, and would usually include court costs, lawyer’s fee and other costs (including translation, notarization, and transportation, etc.). And courts can take over a year to reach a verdict.
The statute of limitation in China is 4 years for a dispute arising from a contract for the international sale of goods or a technology import or export contract. The clock starts ticking on the date the requiring party knew or should have known that its rights were harmed. For a dispute arising from any other type of contract, the time limit for bringing a suit or applying for arbitration shall be governed by the relevant law.
Mr. Jeff (Chunyang) Li is the founder, president and CEO of the Inter-Credit Group (ICG; parent of TCM China). Mr. Li is also a member of FCIB, an association of executives of Finance, Credit and International Business, as well as a member of the “Committee of the First China International Forum of Commercial Debt Collection”. Mr. Li was elected to join the board of directors of TCM group at the annual AGM meeting, in Beijing, in 2013.
More info on debt collection in China: newsletters TCM China.
Don’t wait another second – collect your money
Focus on your business, we’ll take care of your outstanding payments. Contact us to find out more.
Don’t wait another second – collect your money
Focus on your business, we’ll take care of your outstanding payments. Contact us to find out more.